A rounded base/cup formation is visible, showing a long-term bottoming structure.
The stock has completed a Wave 1 impulse (207.99) followed by an ABC correction.
Elliott Wave Structure:
Primary Wave 1 (completed near ₹208).
ABC correction labeled clearly post Wave 1.
A fresh wave cycle is projected:
Sub-waves 1 and 2 of Primary Wave 3 are marked.
Projections drawn for Wave 3, 4, and 5 in the future (likely reaching above ₹215).
Key Fibonacci Level:
The 0.618 retracement (~₹73.78) held strongly, confirming a solid support zone.
Suggests healthy correction and continuation possibility.
RSI Indicator:
RSI currently around 51.77, neutral territory.
RSI-based MA is below, suggesting early-stage momentum buildup.
Volume:
Noticeable spikes during breakout moves; volume has calmed post-correction.
Investment Note:
Suggested SL: ₹65, with a 3–5 year horizon for investment.
✅ Positives:
Well-Labeled Wave Count: Both impulse and corrective waves are clearly annotated.
Correct Cup Base: Long-term cup base indicates accumulation and breakout potential.
Valid ABC Structure: The correction looks complete, respecting wave guidelines.
Support from 0.618 Fib: Indicates bullish continuation potential.
Projection Path is Logical: The trajectory of future waves aligns with prior wave characteristics.
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.